Once in a very great while, lottery tickets become a positive-expectation investment. On those occasions, large groups do indeed invest in them. Gambling consortiums have the necessary expertise and inclination more often than hedge funds. Wikipedia says:

a Polish-Irish businessman named Stefan Klincewicz bought up almost all of the 1,947,792 combinations available on the Irish lottery. He and his associates paid less than one million Irish pounds while the jackpot stood at ÂŁ1.7 million. There were three winning tickets, but with the "Match 4" and "Match 5" prizes, Klincewicz made a small profit overall.

I also recall an incident many years ago where a foreign (Australian?) gambling consortium tried to get all the numbers in a US state lottery, but I can't find the reference just now.